Boels Topholding B.V. (Boels) is pleased to announce that it has successfully priced its debut offering of €400 million 6.25% fixed rate senior notes due 2029. The offering is part of Boels’ strategy to diversify its funding sources and actively manage its debt maturities.
The inaugural bond issue was well received in capital markets with investors’ orders substantially oversubscribing the transaction. The notes will be issued at par and interest on the notes will be payable semi-annually in arrears. The offering is expected to close and the notes are expected to be issued on or about 21 September 2023, subject to customary conditions precedent. The notes are rated by S&P and Moody’s (BB/Ba3) and expected to be listed and admitted to trading on the official list of The International Stock Exchange.
The proceeds of the notes will be applied by Boels to repay and cancel a portion of the Group’s existing term loan B in a principal amount equal to €200 million, repay in full amounts drawn under the Group’s existing revolving credit facility, fund cash on the Group’s balance sheet for general corporate purposes and pay fees and expenses in connection with the offering.
Jan Piet Valk, CFO of Boels Rental comments:
“This transaction confirms the confidence the financial markets have in the Boels Group, as a result of the company’s commitment to support and add value to its customers in 18 countries under all circumstances.”
